First, Id like to Introduce myself as a new member of the forum. My name is Kyle and Im in the process of opening an automotive based glass company providing installations and repairs, etc to the general public and on commercial accounts. Its a mobile based business that will do sales in shop locations as well as on the street.
Second, Id like to thank anyone who responds, this has been something Ive looked into myself over the last few months though hearing a specific answer will really settle my fears. I appreciate anyone who spares there time to answer my question and I look forward to sharing my knowledge here when I can.
With that said I have some questions regaurding LLC vs Corp and though my next step is to start contacting a few potential CPAs but I want to know what Im talking about when I go in.
What Ive found is that it seems LLC favor my situation better than a Co might. My company will be owned by myself and another, essentially an even split partner. My understanding is that LLCs will allow us to act as the owners, officers and employees as well as sell stock in the company. I read on to find information that would leave me to believe we would be able to operate our company and pay ourselves as employees on a salary basis, and because the company is newer, we can within reason pay ourselves salaries while keeping the company at a loss/breakeven point due to continual expansion.
If you can expand maybe on my options or give me a suggestion with support as to why so I can better understand as to which direction may be my best option for a company of my kind. It will start as a single shop with 3-4 mobile vehicles and eventually be expanded to multiple shops with several vehicles spread throughout the Chicago and surrounding area.
I just want to be sure I set this company up under the proper category, and something I felt so sure of for so long is leaving me a little worried with this company's start just around the corner.
Thanks again,
Kyle
Second, Id like to thank anyone who responds, this has been something Ive looked into myself over the last few months though hearing a specific answer will really settle my fears. I appreciate anyone who spares there time to answer my question and I look forward to sharing my knowledge here when I can.
With that said I have some questions regaurding LLC vs Corp and though my next step is to start contacting a few potential CPAs but I want to know what Im talking about when I go in.
What Ive found is that it seems LLC favor my situation better than a Co might. My company will be owned by myself and another, essentially an even split partner. My understanding is that LLCs will allow us to act as the owners, officers and employees as well as sell stock in the company. I read on to find information that would leave me to believe we would be able to operate our company and pay ourselves as employees on a salary basis, and because the company is newer, we can within reason pay ourselves salaries while keeping the company at a loss/breakeven point due to continual expansion.
If you can expand maybe on my options or give me a suggestion with support as to why so I can better understand as to which direction may be my best option for a company of my kind. It will start as a single shop with 3-4 mobile vehicles and eventually be expanded to multiple shops with several vehicles spread throughout the Chicago and surrounding area.
I just want to be sure I set this company up under the proper category, and something I felt so sure of for so long is leaving me a little worried with this company's start just around the corner.
Thanks again,
Kyle
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